Singapore

ST JAMES Holdings has proposed a series of transactions that will transform the loss-making Catalist company into a larger integrated real estate player holding assets held by Perennial Real Estate Holdings (PREH) through reverse takeovers.

The first phase of the transaction is a proposed $1.56 billion acquisition of the unlisted assets of PREH and listed assets under PREH-sponsored business trust Perennial China Retail Trust (PCRT) via the issuance of new shares.